At first, it’s always difficult to see the good that can come out of a breakup of any kind, and then slowly, as time goes on, it becomes clear that what happened was necessary to move forward. In the following Win-Win Solution, my client faced the deterioration of a business partnership—another sour effect of a recession—and was able to stop foreclosure through a Short Sale transaction.
My client received a surprising phone call from her lender alerting that her income property faced foreclosure. She was shocked to learn that her trusted business partner had stopped making mortgage payments and revealed himself as a con man and a fraud. This left her in overwhelming debt to the bank that she was unable to carry on her on. She was devastated, having to pick up the pieces of her business and her once-perfect credit.
Her first thought was to refinance, but her mortgage broker informed her that was impossible since there was no equity left in the property. Her mortgage broker then referred her to me. I thoroughly assessed her situation and advised her that her best solution was a Short Sale. I like to bring a sense of calm into any transaction so I can clearly identify the situation’s optimal outcome in the face of my client’s panic.
Through creative Short Sale negotiations, I was able to maneuver the complicated paper work and make sure the lender and my client reached an amicable solution. This allowed her to re-build her credit, protect her financial future and hold on to her personal home that she loved. She also gained financial freedom from her business partner and re-organized her finances.
My client was eventually able to retire in Sonoma and recently purchased property in Panama. The lender received all of their money since foreclosure was avoided and I developed a great relationship with my client and am welcome as a guest at both of her homes. Certainly, a win for all! This was just one example from my own personal set of business transactions where I was able to show one of my clients that when you think you have no remaining options, there can still be hope for a happy future!